Annual property taxes and selling costs, however, somewhat level the playing field, he says. The cost of selling a $15.26 million property in New York, at $1.13 million, is more than 12 times the cost to sell in London. For an apartment valued at $15.26 million, property taxes in New York could run a buyer $1.43 million over five years, compared with just $16,470 in London. However, many newer buildings in New York have received tax abatements, which significantly lower what owners pay in property taxes. In addition, in many new buildings, developers often pass the selling costs on to buyers.